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Kerala University B.Com TAXATION LAW AND ACCOUNTS 2009 Question Paper

University/board: Kerala University
Course: B.Com  
Reg. No. : ....................................
Name : .........................................
2009 Year Question Paper
Final Year B.Com. Degree Examination, March
(New Scheme)
Part III – Paper XV – Optional Subject A TAXATION LAW AND ACCOUNTS – II
Question Paper Description: 2009 Kerala University Commerce, Final Year B.Com. Degree Examination, March, New Scheme.Part III – Paper XV – Optional Subject A TAXATION LAW AND ACCOUNTS – II Question Paper

Time : 3 Hours Max. Marks : 100
Instruction : Answer may be written either in English or in Malayalam.


Answer any ten questions. Each question carries 2 marks.

1. What is meant by closely held company ?

2. State any two authorities to whom appeal can be filed under Income Tax Act.

3. What is an Association of Person ?

4. What is the rate of income tax for a domestic company ?

5. What is MinimumAlternateTax ?

6. Who is a working partner ?

7. What are the pre-requisition for Appeal ?

8. Who can be a member of Appellate Tribunal ?

9. Who is a 'principal officer' ?

10. Who has the power to make revisions ?

11. What is Maximum Marginal Rate ?

12. What is the special feature of prosecution ? (10×2=20 Marks)


Answer any eight questions. Each question carries 5 marks.

13. What are payments on which tax is deducted at source ?

14. What are the different types of assessment ?

15. Distinguish between change in the Constitution and succession of firm.

16. State any four offences and their punishment on prosecution.

17. Describe the provisions of law relating to tax on undistributed profits of companies.

18. Explain the powers of Central Board of Direct Taxes.

19. How is "jewellery" valued under Wealth Tax Act ?

20. Distinguish betweenTax planning and Tax management.

21. State briefly the provisions relating to penalty.

22. From the following information compute the Net wealth of an Indian company.

1. Stock in trade :
a) Residential House 6,00,000
b) Jewellery 4,00,000
c) Urban land purchased in 2004 2,50,000
2. Purchased land in urban area to construct residential
houses for staff but so for construction has not been started 1,50,000
3. Trucks to carry material for construction of houses 2,00,000
4. Cars for use of officers 60,000
5. Bank Balance 1,00,000
6. Cash Balance 20,000

23. X and Y are partners in a firm sharing profits and losses in the ratio of 2:1. They are working partners and are entitled to salary of Rs. 3,000 p.m. and Rs. 2,000 p.m. respectively. The profits of the firm before charging salary to partners are Rs. 30,000 and income from house property (computed) Rs. 10,000.

Compute the total Income of the firm for the assessment year 2008-09.

24. The book profits of a company in the previous year 2007-08 computed in accordance with Section 115 JB of the Income Tax Act is Rs. 17,00,000. Its total income under the Income TaxAct for the same period is computed at Rs. 3,50,000. Is the company liable to pay "Minimum Alternate Tax" ? If yes, how much has to be paid ?

(8×5=40 Marks)


Answer any two questions. Each question carries 20 marks.

25. Explain the general powers of income tax authorities.

26. Explain the procedures of an appeal to Commissioner (Appeals) and his powers to deal with such appeal.

27. During the previous year 2007-08 an A.O.P had suffered a loss of Rs. 10,000 after charging salary, bonus and interest on capitals to its members. Taxable income of A.O.P. for the same period from House property and long term capital gains was Rs. 72,000 and Rs. 12,000 respectively. There are three members A, B and C in the AOP sharing profits and losses in the ratio of 5:3:2 and their income from business and profession for the previous year 2007-08 is Rs. 60,000, Rs. 80,000 and
Rs. 90,000 respectively.

In addition to it AOP paid Rs. 6,000, Rs. 10,000 and Rs. 14,000 as interest on capital to A, B and C respectively. Salary paid to A was Rs. 16,000 and bonus paid to B was Rs. 5,000 in this period.

Compute the total Income and tax liability of AOP for the A.Y. 2008-09.

28. The following is the Profit and Loss Account of Spencer and Co. Ltd. for the year ended 31st March 2008.

Rs. Rs.
To Salaries and Wages 3,00,000 By Domestic Sales 25,00,000
'' Rent & Rates 2,00,000 '' Export Sales 10,00,000
'' Repairs 1,20,000 '' Transfer from
'' Selling Expenses 3,50,000 General Reserve 2,00,000
'' Depreciation 5,00,000
'' Income Tax 3,60,000
'' Proposed Dividend 2,70,000
'' Net profit 16,00,000

37,00,000 37,00,000

Other Information :

1. The Company has long term capital gain of Rs. 1,00,000, which is not credited to Profit and Loss Account.

2. Foreign Exchange remittance Rs. 7,00,000

3. Depreciation Rs. 4,50,000

4. The Company wants to set off the following :

For Tax For Accounting
Purpose Purpose
Rs. Rs.
Brought Forward Loss of 2004-05 5,00,000 4,00,000
Unabsorbed Depreciation 2,00,000 2,00,000
You are required to compute the Total Income of the Company for the A.Y. 2008-09.
(2×20=40 Marks)
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